Crowe Global’s Art of Smart helps businesses make better decisions for lasting value. After the challenges of 2020, what should leaders focus on to succeed in the coming years? Our research shows that trust, data, and agility are essential. Investing in cloud computing, AI, and teamwork will bring the most benefits.
Art of Smart teamed up with CCS Insight, a London tech firm, to explore these trends. In a 45-minute talk, Nick McQuire and Angela Ashenden shared their insights. McGuire is a senior VP, and Ashenden is a principal analyst. Remember to check out the video interview at this link.
They discussed the Art of Smart’s four pillars: growth, diversity, boldness, and innovation. Businesses should focus on these areas to meet future challenges and seize opportunities. They should use advances from platforms like Hellspin.
Three Key Factors Shaping Business Trends
Nick McQuire (NM): The pace of change in the last year makes it challenging to look too far ahead. One thing is clear: Tech-driven change is vital for a firm’s future competitiveness. In 2021, there will be an exciting turning point. Coronavirus vaccines will be widely available, and life can return to some normality. However, the future sustainability of specific trends over the next five years is still quite uncertain.
That said, there are likely to be some lasting factors. It boils down to three things. They will be key to businesses in tech transformation. The first is agility. Organizations had to move, make rapid decisions, and respond operationally in 2020. That pace will continue. This is a result of cloud computing.
Cloud adoption has surged in the past year. It lets businesses scale up and down. It also enables them to innovate at low cost. We predict that, in a few years, the cloud will be adopted. Over 50 percent of businesses will run half their apps in the public cloud.
The Twin Pillars of Post-Pandemic Business Technology
Related to the cloud is the importance of data. The COVID-19 crisis requires businesses to make quick, informed decisions. So, data is now more important. Artificial intelligence and data analytics technologies are anticipated to advance further. Nonetheless, the most critical element is maintaining trust in the technology. As technology evolves and businesses rely on it more, scrutiny will rise. So, we predict that trust will be one of the biggest battlegrounds for technology. Trust has many challenges. They are the regulatory climate, compliance, and bigger cyber threats.
A Critical Point for the Future of Work and the Office
Angela Ashenden (AA): There is a huge demand for more flexible work. Remote work will be more important in the coming years. It will affect the office’s role. For many organizations, being in the office is no longer a default. The mindset of presenteeism is behind us. I’m curious to see how the vaccine distribution will affect this change. That is a critical point.
Businesses might want to continue everything starting in 2020. This includes using digital tools and shifting to remote work. If another crisis happens, it would reduce the risk of returning to the office. Creative industries may be keener to return to the office. They are more productive and collaborative there. Before COVID-19 struck, offices were buildings with desks and some meeting areas. Now, offices focus on people coming together. The meeting rooms will outnumber the desks in reverse proportion.
Emergence of Surveillance Technology
In recent years, surveillance tech has emerged. It will be crucial in the future. During COVID-19, seeing a global acceptance of track-and-trace systems and data sharing was interesting. This acceptance has lowered some privacy and cultural barriers in parts of the world. Yet, the dynamics change in other settings, such as the workplace. Employers must track their staff more. This raises issues of surveillance and privacy.
As surveillance tech grows in use at work and home, it may clash with privacy rules. I wonder how much surveillance people will be willing to tolerate beyond the scope of health and safety. Also, the rise of AI brings challenges, like deep fakes and cyber risks. Businesses must be cautious and proactive. They must address these issues to ensure trust and security in their tech.
Look for Technology Partners for the Digital Transformation Journey
NM: Many organizations that innovated during the pandemic had already invested in technology. Now, industries with those investments are experiencing growth. For small and medium-sized enterprises (SMEs), tackling digital transformation is essential. It’s crucial to seek help and guidance during this process to ensure success.
AA: Small companies should digitize processes one at a time, not try to change everything at once. This approach allows them to manage and enjoy each change effectively. It also helps employees and customers adapt to new tech. This makes the transition less overwhelming and more productive. To succeed, SMEs should take gradual steps. This will ensure a sustainable digital transformation.
Technology Literacy and Culture Change
NM: Business leaders ought to refrain from employing technology merely for the sake of having technology. Technology must give a competitive edge or improve the user experience. Top-level technology literacy is vital. To speed up digital transformation, we need to know the business problem, have a clear solution, and share the benefits. Bottom-up culture change will speed up if there is a top-down initiative and impetus.
AA: The business change challenge is always the hardest for any top-down implementation. Picking the right technology is a breeze in comparison. As business leaders, you must recognize how employees can help you. You must also bring them along on the journey with you.
Final Thoughts
In conclusion, by 2025, businesses must adopt tech to stay competitive. Key trends will shape the future: cloud computing, data analytics, AI, and flexible work. To navigate this changing world, we must trust technology and make quick decisions. Additionally, it’s important to cultivate impactful alliances. By fostering tech literacy and slow digital adoption, organizations can ensure growth. This will help them be resilient in the face of ongoing challenges.
